stockvault.net
In June, the consortium, consisting of XRG (a division of Adnoc), Abu Dhabi Development Holding Co. (ADQ), and Carlyle, submitted a preliminary proposal for Santos at $5.76 per share. In August, prospective purchasers asked for additional time to conduct due diligence. Santos consented to prolong the initial agreement until August 22 and, following that date, until September 19.
The consortium was anticipated to finish its due diligence during this period and be in a position to submit a formal offer. Santos management planned to suggest that shareholders agree to the deal's terms if the consortium provided a binding offer. On Wednesday, XRG stated that a "variety of reasons" hindered it from submitting a final proposal.
This represents the third failed effort to obtain Santos. In 2018, the firm turned down a $10.8 billion bid from Harbour Energy, and last year, it ended discussions with bigger Australian rival Woodside Energy regarding the formation of an A$80 billion ($53 billion) oil and gas behemoth.
source: reuters.com
The consortium was anticipated to finish its due diligence during this period and be in a position to submit a formal offer. Santos management planned to suggest that shareholders agree to the deal's terms if the consortium provided a binding offer. On Wednesday, XRG stated that a "variety of reasons" hindered it from submitting a final proposal.
This represents the third failed effort to obtain Santos. In 2018, the firm turned down a $10.8 billion bid from Harbour Energy, and last year, it ended discussions with bigger Australian rival Woodside Energy regarding the formation of an A$80 billion ($53 billion) oil and gas behemoth.
source: reuters.com